Ripple XRP has experienced plenty of resistance over the past month, keeping it below $0.55. At press time, the asset is down to $0.5184. XRP is up a slight 4% in the past 30 days, but this number has failed to bring with it significant profit.
Despite the downturn, some holders are still optimistic that XRP will perform well toward the end of 2024. Considering the current trade setup and market sentiments, XRP can start a bullish rise if the bulls get reacclimated to the asset as soon as this weekend. The asset’s low point has risen consistently over the past few months, which could coincide with higher highs.
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Why Holders Are Bullish On Ripple XRP
Furthermore, one of the major reasons for being bullish on XRP is the extended consolidation. It has been some time since the last bullish surge for XRP, and the asset is due to climb above the $0.60 resistance soon. To some optimistic investors, the ultimate goal of XRP surpassing $1 is achievable by late 2024 or early 2025. That jump towards the end of this year keeps up hopes for many XRP holders amid turmoil.
The end of this accumulation phase for Ripple’s XRP could spark a big rebound. With a weakened relative strength index (RSI), more buying may be in the cards, thus creating bullish momentum around the asset. This swing is expected to come soon; hence, the end of 2024 could be very positive for XRP.
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The ongoing Ripple and SEC battle hasn’t even been considered in this argument for a bullish 2024. A positive result from that ruling before the end of 2024 will likely light a fuse under XRP. In the next few months, all eyes will be on this case and its ultimate decision in the court. Recent positive news surrounding the case has caused XRP to jump in price. Thus, an overall win may spark XRP to a $1 rally that holders have long waited for.